CUPERTINO (dpa-AFX) - Apple Inc. (AAPL) is in talks to acquire Tidal, a streaming-music service run by rap mogul Jay Z, the Wall Street Journal reported citing people familiar with the matter.
Apple is exploring the idea of bringing on Tidal to bolster its Apple Music service because of Tidal's strong ties to popular artists such as Kanye West and Madonna.
The report noted that the talks are ongoing and may not result in a deal. Terms of the potential deal aren't known.
Jay Z bought the service in March 2015 for $56 million from Swedish company Aspiro, which had created the brand Tidal. He has given 19 famous artists and bands small stakes in Tidal and promised each millions of dollars worth of marketing, the Journal said.
Copyright RTT News/dpa-AFX